TUES, MAY. 02 2023-theGBJournal|The NGX All-Share Index today relapsed by 0.20% to close at 52,296.48 points, and halting its seven days of successive rally on the local bourse.
Selloffs in WAPCO (-1.66%), GEREGU (-10.00%) and ETI (-0.90%) offset demand for MTNN (+0.57%), ZENITHBANK (+3.07%), and GTCO (+3.17%), driving the weak performance. Consequently, the ASI’s year-to-date (YTD) return decreased to 2.04%, while the market capitalization lost N58.28bn to close at N28.48trn.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 60.59%. A total of 550.29m shares valued at N5.15bn were exchanged in 6,250 deals.
ACCESSCORP (+2.46%) led the volume and value charts with 150.07m units traded in deals worth N1.57bn.
Market breadth closed positive at a 1.39-to-1 ratio with advancing issues outnumbering declining ones. CONOIL (+10.00%) topped twenty-four (24) others on the leader’s log while GEREGU (-10.00%) topped seventeen (17) others on the laggard’s table.
The naira appreciated by 0.1% to NGN442.33/USD at the I&E window.
The overnight lending rate contracted by 175bps to 11.4%, following the inflow from OMO maturities (N50 billion).
The NTB secondary market traded with mixed sentiments, albeit with a bullish tilt, as the average yield pared by 1bp to 7.3%. Across the curve, the average yield closed flat at the short and mid segments but contracted at the long (-1bp) end following mild interest in the 331DTM (-2bps) bill.
In the same vein, the Treasury bond secondary market traded with bullish sentiments, as the average yield contracted by 2bps to 14.0%. Across the benchmark curve, the average yield dipped at the short (-4bps) and mid (-5bps) segments as investors demanded the MAR-2024 (-11bps) and APR-2029 (-9bps) bonds, respectively. Meanwhile, the average yield closed flat at the long end.
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